Editor's PiCK
US Senate Passes Resolution to Repeal IRS DeFi Broker Regulations, Awaiting Trump's Signature
Suehyeon Lee
Summary
- The US Senate reportedly passed the resolution to repeal the DeFi (Decentralized Finance) Broker Regulations with 70 votes in favor.
- It was stated that only the signature procedure of President Donald Trump remains for the resolution to be finalized.
- The DeFi industry has consistently demanded the repeal of the regulation requiring the reporting of total revenue from digital asset sales.
The United States Senate has passed a resolution to repeal the Internal Revenue Service (IRS)'s 'DeFi (Decentralized Finance) Broker Regulations.'
According to Eleanor Terrett, a Fox Business reporter, the US Senate passed the resolution to repeal the DeFi (Decentralized Finance) Broker Regulations with 70 votes in favor and 28 against.
As a result, the resolution only awaits the signature of President Donald Trump to be finalized. The DeFi Broker Regulations require brokers in the DeFi sector to report total revenue from digital asset sales, a regulation that the industry has consistently demanded to be repealed.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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